Yumiko invests $10200 in a Certificate of Deposit at 3.0% interest compounded 12 times per year.

  1. Find the equation that represents the account balance at time LaTeX: \displaystyle t .
  2. When will the account double? e.g. when will it be $20400. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives LaTeX: \displaystyle A = 10200 \cdot 1.0025^{12 t} .
  2. It will take about 23.1 years.